Lucid Group Inc (LCID) stock experienced a 5.36% pre-market plunge on Wednesday, following the company's announcement of CEO Peter Rawlinson's departure and mixed signals regarding its production targets for 2025.
The electric vehicle startup announced that Rawlinson, who had led Lucid since 2019, would step down from his role as CEO, transitioning to a technical advisory position. Chief Operating Officer Marc Winterhoff has been appointed as the interim CEO, raising questions about the company's leadership and strategy going forward.
Additionally, while Lucid stated that it expects to manufacture 20,000 vehicles in 2025, a significant increase from the 9,029 vehicles produced in 2024, analysts have expressed concerns about the company's ability to achieve this ambitious target. The mixed signals surrounding Lucid's production plans have added to the uncertainty surrounding the stock.
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